103. Protection for secured or preferential creditor

(1) A statement of proposals of an administrator of a Company under Section 56 (Administrator's proposals) may not include any action which —
(a) affects the right of a secured creditor of the Company to enforce his security;
(b) would result in a preferential debt of the Company being paid otherwise than in priority to its non-preferential debts; or
(c) would result in one preferential creditor of the Company being paid a smaller proportion of his debt than another.
(2) Subsection (1) does not apply to —
(a) action to which the relevant creditor consents;
(b) a proposal for a compromise or arrangement to be sanctioned under Part 25 (Arrangements and Reconstructions) of the Companies Regulations 2015; or
(c) a proposal for a Deed of Company Arrangement.
(3) The reference to a statement of proposals in subsection (1) includes a reference to a statement as revised or modified.